Bloomberg News reports that Morgan Stanley plans to raise some salaries and offer quicker promotions as part of its years-long push to improve conditions for junior bankers, according to people familiar with the matter.
Base salaries for most associates in investment banking and capital markets will rise by 20 percent to 25 percent, the people said, asking not to be identified because they aren’t authorized to speak publicly about the moves. It’s the first big raise for associates in almost four years, and may differ by region, the people said. Analysts will also be promoted to associate in two years rather than three, according to a memo sent to staff.
Morgan Stanley is among Wall Street firms that are boosting pay and perks to try to retain young talent.
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